The US regulator found deficiencies in customer identity checks, suspicious activity monitoring and the review of trade execution quality.

The Financial Industry Regulatory Authority (Finra) has fined Webull Financial US$4.2m for deficiencies in its anti-money laundering (AML), identity theft prevention and best execution programmes. The US brokerage failed to implement adequate controls as its business expanded rapidly between January 2020 and September 2023, during which it opened millions of customer accounts each year and executed billions of shares, according to Finra. The regulator found that Webull approved more than 120,0